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The magnesium oxide market size is forecast to increase by USD 1.73 billion, at a CAGR of 5.58% between 2023 and 2028. Market growth is contingent upon several factors, including the rise in steel production, which drives demand for magnesium oxide primarily in the construction sector. Additionally, the burgeoning demand from the animal feed industry further contributes to market expansion. These factors underscore the versatile applications of magnesium oxide across various sectors, highlighting its significance in industrial processes and product formulations. As demand continues to escalate across these industries, the market is poised for sustained growth in the foreseeable future. It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
Magnesium oxide is an inorganic compound produced from the calcination of magnesium carbonate or by burning magnesium metal ribbons. It is used in a wide range of applications, such as for manufacturing refractory materials, pharmaceutical products, and construction materials.
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Magnesium oxide (MgO) serves various purposes across industries and applications. It is commonly used as an antacid and laxative in the medical field. In addition to its medical applications, MgO is utilized in industrial cables, ceramics, flooring, and wallboards. It also finds use in insulation and in treating acidic soils. The versatility of magnesium oxide makes it an essential component in medical devices and transportation equipment, contributing to its widespread use and demand. Periclase, a mineral commonly found in wallboards insulation acidic soils, offers both structural support and soil stabilization properties. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
Growing demand from the construction industry is the key factor driving the market. Magnesium oxide (MgO) was used in several brick structures in ancient times. Further, magnesium oxide wallboards cladding is a comparatively new technology that uses boards to construct internal and external building walls. Generally, these boards are made from a mixture of magnesium oxide, fiber mesh composites, non-organic minerals, and bonders and are extensively used in commercial and residential constructions. These boards are cost-effective alternatives to plasterboard gypsum-style linings and are resistant to water, heat, and weather.
In addition, the construction industry is witnessing a moderate growth rate. The increase in industrial cables and growing employment opportunities have driven the demand for ceramics, chemicals, cement, and flooring. Therefore, with the growing number of new building projects and the rise in residential and commercial construction, the demand for magnesium oxide is expected to grow in the construction industry and drive market growth during the forecast period.
Shift toward eco-friendly and sustainable manufacturing practices is the primary trend shaping the market. Manufacturers of magnesium oxide are progressively using cleaner production processes, reducing waste generation and improving resource efficiency throughout the manufacturing process. One example of this trend is the introduction of sophisticated calcination technology to reduce energy consumption and greenhouse gas emissions during the production process. Furthermore, industries are looking into using alternative raw materials and renewable energy sources to lower their carbon footprint.
Furthermore, businesses are investing in eco-certifications and sustainability projects to demonstrate their dedication to environmental stewardship and attract environmentally sensitive customers. Overall, the magnesium oxide industry's change to eco-friendly and sustainable manufacturing techniques benefits the environment while also increasing the industry's competitiveness and reputation in the global marketplace. Owing to such factors, the market is expected to grow during the forecast period.
The rising popularity of other nutrient-based fertilizers is the major challenge that affects market growth. Three major fertilizer nutrients are used worldwide, namely nitrogen, phosphate, and potash. Ammonia is the most popular product of the nitrogen fertilizer industry, owing to the maximum nitrogen content present in it. It can be directly mixed with the soil to increase plant nutrients with special safety and management precautions. Phosphate is another essential nutrient required for plant growth. It helps in root development, plant maturation, and seed development.
Additionally, the most commonly used phosphatic fertilizers are diammonium phosphate and monoammonium phosphate. Potash is one of the potassium salts which is used as a common fertilizer to supplement the growth of plants and increase crop yield. Further, the increasing use of these nutrient-based fertilizers is expected to reduce the demand for magnesium oxide-based fertilizers, which is likely to impede market growth during the forecast period.
The market share by the dead burned magnesia segment will be significant during the forecast years. Dead-burned magnesia is witnessing considerable expansion, principally driven by the expanding uses of dead-burned magnesia in a variety of industries, including refractories, construction, agriculture, and environmental protection. Dead-burned magnesia is a popular raw material in refractories due to its high melting point and resilience to high temperatures. In the construction industry, dead-burned magnesia is used to make fireproof materials and cement.
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The dead burned magnesia segment accounted for USD 2.84 billion in 2018. Additionally, the demand for dead-burned magnesia is expanding as demand for these applications increases, particularly in APAC and North America. Furthermore, technological advances in dead-burned magnesia manufacturing processes, such as enhanced purification procedures and quality control measures, are helping drive market expansion. Overall, increasing demand for dead-burned magnesia from various end-user industries, as well as constant innovation in dead-burned magnesia manufacturing techniques, are propelling the dead-burned magnesia segment forward, which, in turn, will spur market growth during the forecast period.
The refractories?segment will account for the largest share of this segment.?Refractories, ceramic materials with exceptional heat resistance, are crucial for industrial furnaces. Magnesium oxide, with a melting point of 2,500°C to 3,000°C, is a primary component in refractory manufacturing. Dead-burned magnesium oxide, produced at temperatures exceeding 1,500°C, is ideal for refractory applications due to its chemical stability. The steel, cement, and glass industries are major consumers of refractories, driving the demand for magnesium oxide and fueling growth in the market during the forecast period.
APAC is estimated to contribute 79% to the growth of the global market during the projection period.
Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.
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China, India, North Korea, and Australia are the key leading countries in the regional market owing to the presence of vast reserves. China is amongst the leading producers of magnesite and magnesia. Notably, the demand for high-grade dead-burned magnesia containing more than 97% magnesium oxide remains strong owing to the rising demand from refractory applications. The major demand in the region is driven by the agriculture industry, with the increasing demand for use as a fertilizer additive.
Further, factors such as a growing population, large availability of farming and agricultural lands, and increasing demand for food grains are propelling the growth of the agriculture industry in the region, which is driving the demand for fertilizers. Therefore, such factors will drive market growth in the region during the forecast period.
Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
AIR WATER INC., Baymag Inc., Bhavani chemicals, Compagnie Financiere et de Participations Roullier, Dr. Paul Lohmann GmbH and Co. KGaA, GRECIAN MAGNESITE SA, Haicheng Guangling Refractory Manufacturing Co. LTD., HOLY MAGNESIUM INDUSTRY DASHIQIAO CO. LTD., Imerys S.A., Industrias Penoles SAB de CV, Israel Chemicals Ltd., Martin Marietta Materials Inc., Nedmag B.V., Noah Chemicals, Paul Rauschert GmbH and Co. KG, Premier Magnesia LLC, RHI Magnesita GmbH, SCORA S.A., and Konoshima Chemical Co. Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report predicts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018-2028.
The market is experiencing significant growth due to its versatile applications across various industries. It serves as a crucial component in cleaner energy alternatives and is essential in the refractories industry, chemical industry, and steel industry. Fused magnesium oxide, caustic calcined magnesium oxide, anti-reflective coatings and synthetic magnesium oxide find applications in pulp bleaching agent, wastewater treatment, and flue gas desulfurization. With uses ranging from iron and steel production to glass packaging and alumina production, magnesium oxide plays a vital role in fire resistance and environmental cleanup. Its significance in agriculture industry, pharmaceuticals industry, and electronics industry underscores its importance in modern industries.
Further, the market is integral to various sectors due to its diverse applications. Used in cement & lime production, it enhances durability. It's crucial in crop production and soil health as a soil conditioner, while animal feed supplements benefit from its nutritional properties. In the pharmaceutical industry, it's used in medications and magnesium hydroxide aids in alleviating diarrhea. Rubber industry and plastics industry use it for reinforcement, while magnesium compounds , metallic Stearate find application in energy storage. Its importance extends to building materials, refractory materials, and glass production, making it indispensable across industries.
Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.58% |
Market Growth 2024-2028 |
USD 1.73 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.64 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 79% |
Key countries |
US, China, Japan, Germany, and Italy |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AIR WATER INC., Baymag Inc., Bhavani chemicals, Compagnie Financiere et de Participations Roullier, Dr. Paul Lohmann GmbH and Co. KGaA, GRECIAN MAGNESITE SA, Haicheng Guangling Refractory Manufacturing Co. LTD., HOLY MAGNESIUM INDUSTRY DASHIQIAO CO. LTD., Imerys S.A., Industrias Penoles SAB de CV, Israel Chemicals Ltd., Lehmann and Voss and Co. KG, Martin Marietta Materials Inc., Nedmag B.V., Noah Chemicals, Paul Rauschert GmbH and Co. KG, Premier Magnesia LLC, RHI Magnesita GmbH, SCORA S.A., and Konoshima Chemical Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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